SFR -4.2%: Todays 1H24 result was inline with expectations with no real surprises. SFR had provided revenue, operation EBITDA, net debt, key unaudited cash flow numbers, as well as reconfirming guidance as part of its December Quarterly results in January. No dividend was declared, nor expected. One variable was a higher-than-expected interest expense which weighed a touch on the underlying earnings which came in below expectations. The company said, “Looking to the full year, we have maintained production, cost, and capital expenditure guidance, and remain well positioned to deliver more than 50% growth in copper equivalent production from continuing operations across the two years to the end of FY25.”
- A solid result from a company that continues to deliver operationally, and we think their ramp up of copper production will happen at the right time. The stock had run up into their numbers, which provided no new catalysts.
MM remains long & bullish SFR across 2 portfolios
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